AUD/USD 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has been depreciating versus the Dollar since May of the previous year. Last time this currency pair touched any trend-line was in May 2015, when it peaked at 0.8164. That point of time marked a beginning of a new sell-off period. At the moment AUD/USD is hovering near the monthly S1 at 0.7115, while any development below this support is likely to trigger further losses down to the second monthly support at 0.6923, which is followed by the pattern's lower edge at 0.6788. However, by the time these levels are reached, the pair can be considered oversold as assumed by monthly RSI and Stochastic indicators. Moreover, the Aussie is capable of recovering in the long term, as 71.54% of all trades are set to acquire this currency.

© Dukascopy Bank SA
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